Elon Musk’s The Boring Company has secured a serious investment. According to a securities filing detailed by Bloomberg, tunneling company recently authorized the sale of $120 million in stock, which is in addition to the $113 million it raised last year.
“We are delighted to be an investor in Boring,” venture capitalist from Future Ventures and director on the boards of Tesla and Space X, Steve Jurvetson said. “Boring is a great example of the disruptive playbook we look for.”
According to The Boring Company, this injection of cash values the company at approximately $920 million. Among the chief investors are 8VC, Vy Capital, Valor Capital, DFJ, and Craft Ventures.
Also Read: Musk’s The Boring Company Wins Contract To Build Las Vegas Loop
Despite its value rising, The Boring Company hasn’t actually constructed any tunnels other than a test tunnel near its headquarters in Hawthorne, California. It nevertheless secured its first commercial transportation contract a couple of months ago and will be tasked with making a mile-long tunnel to shuttle visitors around the Las Vegas Convention Center in a project worth $48.7 million.
In the middle of 2018, it was announced that The Boring Company would build a connection between Chicago downtown and Chicago O’Hare Airport. The total cost of the project was pegged at $1 billion and was being led by former Mayor Rahm Emanuel. The future of this tunnel is now in doubt, but a proposed project connecting Washington D.C. and Baltimore is in the environmental review process.